USD/CHF: daily update

USD/CHF fell last week to 1-month low at 0.9227. Then the greenback tried to recover and almost reached 0.9400, but then slid below 0.9300.

The bulls and bears are struggling between 61.8% and 76.4% retracement of the advance from June to July at 0.9370 and 0.9280 respectively. Below the latter US currency will be vulnerable for a decline to 0.9205 and 0.9170 (trend line support from February). Stability below 0.9370 will keep the bearish possibility valid this week.

Still US data released this week has so far been positive enough. ISM non-manufacturing index jumped from 52.2 to 56.0, while the nation’s trade deficit contracted. For now, however, this data had little impact on USD/CHF.